South Korea’s Industry Minister Kim Jung-kwan stated Wednesday that Seoul needs further discussions with Washington regarding the timing of the agreed tariff reductions on Korean car exports to the U.S., currently taxed at 25%.
This follows former U.S. President Donald Trump’s announcement last week of a new 15% tariff on imports from South Korea, including vehicles, as part of a broader trade agreement. These tariffs are set to take effect Thursday.
Major automakers like Hyundai and Kia are urging for faster implementation of the tariff cuts to stay competitive with Japanese and European rivals.
Meanwhile, Japan’s chief trade negotiator Ryosei Akazawa is heading to Washington to push for a similar reduction in tariffs on Japanese auto imports.
In the digital sector, Kim noted that both sides agreed to continue talks on online platform regulation to ensure U.S. tech firms are treated fairly compared to domestic companies. He emphasized that digital policy was not included in the recent deal, but remains a top concern for the U.S. government and industry.
Regarding agriculture, Kim clarified that no agreement has been made to open South Korea’s market to beef, rice, and other U.S. farm products. However, both countries will enhance cooperation in the produce quarantine process—an issue the U.S. considers a non-tariff barrier.
Finance Minister Koo Yun-cheol added that Washington views Korea’s current process as too slow and is urging a more scientific approach.